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paying the preference dividend) of £212,566, leaving about £77,000 to be added to reserve or used for extinction of debenture stock, rebate and expenses. It not only gives a detailed list of investments, but the following very interesting classification, showing among other things that it has, like the Edinburgh Investment Trust, been a practical believer in the benefit of a diversified holding of ordinary and deferred stocks and shares:—

Summary of Investments of the Industrial and General Trust

I.—Showing Manner of Distribution Amongst Different Classes of Undertakings

Industrial 47.67 per cent.
American and Foreign Railways 19.01 per cent.
Banks and Financial 11.74 per cent.
Government Securities and Municipal Loans 10.15 per cent.
Home and Colonial Railways 5.67 per cent.
Tramways and Omnibus 3.46 per cent.
Land and Property 1.42 per cent.
Shipping .88 per cent.
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II.—Showing Classification According to Localities

Great Britain 38.13 per cent.
South America, excluding the Argentine Republic 14.35 per cent.
Argentine Republic 13.07 per cent.
British Dominions and Dependencies 12.73 per cent.
United States of America 9.05 per cent.
Europe, excluding Great Britain 4.87 per cent.
Asia and Africa, excluding British Dominions and Dependencies 4.36 per cent.
Mexico and Central America 3.44 per cent.
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